Turning over a new leaf at the New Year may be a very good thing this year for some as far as the real estate market is concerned.
Something like “Great in ‘08” seems to have a nice ring to it about now, doesn’t it?
Many of us are indeed ready for a fresh start and will welcome the New Year with open arms.
Personally I think that the bad news is about all out on the table and may be overstated by some real estate pundits, at least in some markets.
I did some checking yesterday, and a number of HomeGain member agents had great success stories in 2007 with just their HomeGain business. In fact, we have agents in CA, NV, PA, TX and VA that increased their HomeGain business, based on the number of closings, from 25% to well over 100% in some cases.
Those same agents increased their business, based on commissions earned, by from 20% to over 100% again. And that’s just a portion of their overall business.
While real estate news reports during the year centered on the sub-prime meltdown, increased foreclosures across the nation, falling home prices and sales, and mortgage company bankruptcies, agents and brokers were out across the country in droves helping buyers and sellers accomplish their real estate goals and dreams.
The fact of the matter is people still need to buy and sell homes, even in slower real estate markets. They need a roof over their head, they need to relocate with an employer, or upsize or downsize due to changing family needs.
And to do that many homebuyers and sellers, if not most, need a professional real estate agent to help them do just that.
That’s the really good news – they need us!
Nor are buyers and sellers generally able to put their lives on hold indefinitely while waiting to time the market perfectly. Unless a buyer or seller wants to sit on the sidelines and get out of the game entirely, that’s very difficult to do.
This creates opportunities for real estate agents and brokers.
I indeed hope that like I say most of the bad news on the real estate market is already out, and we should be thankful for that.
There is a lot of life in the real estate market. We’re seeing it here at HomeGain.
Looking back at 2007, here’s how the top ten home selling markets in 2007 for home sales of HomeGain home sellers ranked:
1. Chicago, IL
2. Dallas, TX
3. Washington, D.C.
4. Atlanta, GA
5. Philadelphia, PA
6. Los Angeles, CA
7. Houston, TX
8. New York, NY
9. Detroit, MI
10. Tampa, FL
It’s interesting that, except for a small shift in the rankings, these cities mirror almost exactly that of HomeGain’s top 5 most active metro areas for home buying in 2007. The leaders clearly were Chicago for home sales and Washington D.C. for home buying.
Looking forward to 2008, there are many buyers and sellers who will need to buy or sell property. They may be sitting on the fence hesitant about whether or not to take the plunge.
Let’s figure out a way to take advantage of the opportunities the existing markets offer agents to help buyers and sellers meet their goals, and earn a commission along the way.
Get home buyers and sellers off the sidelines and into the market.
Wishing all of you a very safe, healthy and prosperous New Year!